The Tax & Accounting Professional segment of Thomson Reuters has announced 2012 calendar year sales growth of 22 percent in its accounting and practice management product lines over the same period in 2011, as well as a 19.4 percent increase in new sales of UltraTax CS®, including on-premise and Cloud-based configurations.
Jon Baron, the managing director of Tax & Accounting Professional segment, attributes the numbers to a strong focus on the needs of the profession and to continued emphasis on product innovation and technology leadership. Another factor is an increased willingness by tax and accounting firms to invest in tools designed to improve firm productivity and profitability, likely the result of an economic climate showing slow but steady improvement.
"Whether it's mobile or Cloud technology, workflow intelligence solutions, or new client collaboration advances, we're continually raising the bar for what integrated tax and accounting software suites can deliver to practitioners," Baron said. "We've been able to bring various new products to market that harness those advances for the benefit of our customers and their end clients, and it's leading to some very exciting new possibilities in the profession."
Baron also cited the availability of the CS Professional Suite in either on-premise or Cloud-based configurations as a major factor behind the excellent results.
"More and more firms are looking for a deeply integrated suite that's based in the Cloud, and we've been offering that since 1999," Baron said. "Every day, thousands of tax and accounting firms and tens of thousands of individual tax and accounting professionals rely on our market-proven online solutions. The peace of mind that comes from partnering with a vendor that has been delivering Cloud-based solutions for more than a decade is reassuring, as is the automatic availability of our new products in a Cloud environment like Accounting CS, Accounting CS Payroll, Accounting CS Client Access, and the recently released Workpapers CS<sup>TM</sup>."
Thomson Reuters' series of thought leadership events, including the Users' Conference and Partner Summits, has also increased in sales. The 2012 results are indicative of a brighter outlook in the tax and accounting profession and further evidence that technology solutions that allow firms to operate in the Cloud and serve their clients over the web are now being widely adopted, according to Baron.
"The profession is moving toward a future where it's not about how big you are; it's about new ideas that you can bring to the table to better serve your clients," he said. "For the firms that are willing to invest, it's going to lead to a more innovative, more collaborative, and more profitable future."
More information on the CS Professional Suite, Thomson Reuters thought leadership events, and more is available at CS.ThomsonReuters.com.